Some Arizona small business owners are saying economic relief will be a big part of their vote this year, and it could make or break votes in one of the key battleground states. Small businesses play a major role in Arizona's economy, employing more than 40% of people in the state, according to the Small Business Administration.
Not only are small businesses facing a significant tax increase if Congress lets this expire. But Arizona's economic growth really hinges on Congress acting and making the 20 percent small business deduction permanent," Heinrich said. More than 500 business groups across the United States are calling on congress and the next administration to keep former president Trump's tax cuts in place.
Both candidates, Trump and Harris have said they plan to cut taxes even beyond that previous legislation. Economists say another reason some small business owners are falling behind is because Tucson's labor market is tight. The overall economy in Arizona is doing well, but there is room for improvement in the labor market, according to George Hammond, an economist at the University of Arizona.
That means that workers have lots of job opportunities out there and employers are really struggling to hire and retain the workers that they need," Hammond said. Some Arizona small business owners say it is more difficult now than ever before to be able to afford to hire more workers. The owner of Tucson Mineral and Gem World in Tucson, Arizona said his shop has been open for around 60 years and his bills have never been this high. "It hurts, it hurts.
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